My friends and I like lubd in Silom. More in the flashpacker price range. Rooms and bathrooms are clean. Yes, there is hot water.
Check www.lubd.com

Fairly close to Hualomphong train station (if it matters to you). A short walk to the BTS station. The downside is that going to the tourist sites requires you to commute.

If you land at 5PM, consider the train.

http://www.cnngo.com/bangkok/visit/transporation-faceoff-362693

If you choose to go to lubd, there is an airport express bus that will stop near the sofitel hotel on silom road. It is about an 5 minute walk from sofitel to lubd. That bloody hotel has a Lenotre pastry shop and I had to exercise my willpower every time I walked by.

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